IBC resolution: Towards the inevitable

The successful implementation of the IBC depended on a much bigger involvement of the state through a huge new superstructure of registration, certification and supervision

Three years ago, I wrote the first of nine articles on the new bankruptcy code. That piece was titled Bankruptcy Law: State – 1; Market – 0. My contention, which sounded cynical at the start of a new process under a supposedly determined government, was that the new Act would unleash more of what has not worked so far — deeper involvement of the state. The successful implementation of the Insolvency and Bankruptcy Code (IBC) depended on a much bigger involvement of the state through a huge new superstructure of registration, certification and supervision. 

The process, I suspected, would quickly degenerate